editorNPR Digital Services RSS Generator 0.94NPR correspondent Chris Arnold is based in Boston. His reports are heard regularly on NPR's award-winning newsmagazines Morning Edition , All Things Considered , and Weekend Edition . He joined NPR in 1996, and was based in San Francisco before moving to Boston in 2001. Most recently, Arnold has been reporting on financial challenges facing millions of working and middle class Americans as the economy continues to recover from the worst recession in generations. Arnold was honored with a 2017 George Foster Peabody Award for his coverage of the Wells Fargo banking scandal. His stories sparked a Senate inquiry into the bank's treatment of employees who tried to blow the whistle on the wrongdoing. Arnold also won the National Association of Consumer Advocates award for Investigative Journalism for a series of stories he reported with ProPublica that exposed improper debt collection practices by non-profit hospitals who were suing thousands of their low-income patients. Arnold is nowNPR Digital Services RSS Generator 0.94Chris ArnoldSun, 18 Feb 2018 13:53:11 +0000Chris Arnoldhttp://wmot.org
Chris ArnoldThe Trump administration is proposing to dramatically cut funding for the Consumer Financial Protection Bureau, a move critics say is an ongoing assault on the 7-year-old agency. The bureau was championed by Elizabeth Warren and other Democrats and created in the wake of the financial crisis to protect Americans from getting ripped off by financial firms. The White House proposal would chop funding for the CFPB by about $150 million — or a quarter of its budget. Such cuts would mean "massive layoffs and disruptions," says Mike Calhoun, the president of the Center for Responsible Lending. That would "make it hard for it to do its job — a job that it's been doing incredibly well," he says. Financial watchdog groups such as Calhoun's say the agency has been paying for itself many times over. Part of its mission is to go after companies that swindle consumers to get people their money back, "so far returning over $12 billion in relief to consumers who were treated illegally by financialTrump Administration's Latest Strike On CFPB: Budget Cutshttp://wmot.org/post/trump-administrations-latest-strike-cfpb-budget-cuts
96970 as http://wmot.orgSun, 18 Feb 2018 12:41:00 +0000Trump Administration's Latest Strike On CFPB: Budget CutsChris ArnoldUpdated at 5:53 p.m. ET The Consumer Financial Protection Bureau was created after the financial crisis to protect Americans from being ripped off by financial firms. Now, President Trump's interim appointee to run the bureau, Mick Mulvaney, is making radical changes to deter the agency from aggressively pursuing its mission. The CFPB on Monday unveiled a new strategic plan to that end. In a message accompanying the plan for the years 2018 through 2022, Mulvaney wrote, "we have committed to fulfill the Bureau's statutory responsibilities, but go no further." The plan says the bureau should be "acting with humility and moderation." This new direction is consistent with Mulvaney's other memos and statements and formalizes his plans for defanging the watchdog bureau and reshaping its mission, according to insiders and experts that NPR has talked to. The CFPB is considered a powerful and independent watchdog. But many Republicans have wanted to shut it down since Day 1 because they thinkTrump Administration Plans To Defang Consumer Protection Watchdoghttp://wmot.org/post/trump-administration-defang-consumer-protection-watchdog
96545 as http://wmot.orgMon, 12 Feb 2018 10:14:00 +0000Trump Administration Plans To Defang Consumer Protection WatchdogChris ArnoldPayday lenders appear to have a powerful friend in Washington. Former Republican Rep. Mick Mulvaney is the interim head of the Consumer Financial Protection Bureau. He was appointed by President Trump amid an ongoing a power struggle for control of the bureau. Watchdog groups are up in arms because, under Mulvaney, the CFPB has put on hold a rule that would restrict payday lenders and their high-interest-rate loans. The agency has also dropped a lawsuit against online lenders charging 900 percent interest rates. Critics say these moves are payback for campaign contributions to Mulvaney when he was a congressman representing South Carolina. Payday lenders say that if you need some money fast, they provide a valuable service. And that is how some customers feel at the Advance America storefront in a little strip mall in Pawtucket, R.I. One of those customers is auto mechanic Rafael Mercedes, who says he first came to the branch when he needed some parts to fix his own car. "My car brokeUnder Trump Appointee, Consumer Protection Agency Seen Helping Payday Lendershttp://wmot.org/post/under-trump-appointee-consumer-protection-agency-seen-helping-payday-lenders
95371 as http://wmot.orgWed, 24 Jan 2018 15:53:00 +0000Under Trump Appointee, Consumer Protection Agency Seen Helping Payday LendersChris ArnoldIn the world of streaming workout videos, Shawn T is like Jay-Z or Mick Jagger. He's a superstar. Millions of people have done his workout programs. One is called "Insanity." Another, "Focus T25," aims to get you in shape in just 25 minutes a day without leaving your house. In our ever more digital world there are all kinds of apps and other quick ways to fit fitness into your life. But you still have to do the exercise. And in his new book, T is for Transformation, Shaun T tells the story of his life and the lessons he's learned about finding that motivation. With his sculpted muscles and abs, Shaun T is the picture of fitness. In his workout videos he's funny and happy. But it wasn't always like this. "The first thing I remember as a kid was being washed in the sink of our west Philadelphia apartment," Shaun T says. Back then, 40 years ago, he was a toddler named Shaun Thompson. "I was so small, but I soon began to realize that where we lived wasn't necessarily the best place in theFitness Superstar Shaun T: Keys To Workout Motivation Include Fun — And Selfishnesshttp://wmot.org/post/fitness-superstar-shaun-t-keys-workout-motivation-include-fun-and-selfishness
94707 as http://wmot.orgFri, 12 Jan 2018 23:40:00 +0000Fitness Superstar Shaun T: Keys To Workout Motivation Include Fun — And SelfishnessChris ArnoldThe week after Christmas is usually a short and slow one for town officials in New Paltz, N.Y. — but not this time. "When we opened town hall Wednesday we had almost 100 voicemails from people inquiring about how they could prepay their taxes," says Daniel Torres, the town's deputy supervisor. And the phones kept ringing. People started lining up. Torres says the clerk's office has a only few people working in it. "The clerk's office was so overrun. After a certain while we couldn't even pick up the phones anymore," he says. The reason people want to prepay is that it will save them money on their 2018 taxes. The newly enacted GOP tax law caps deductions for state and local taxes at $10,000. In states with higher tax rates such as New Jersey, California and New York, even many middle-class and upper-middle-class people pay more than that. As a result, the cap will mean a tax hike for some Americans, particularly in blue states with higher taxes and home values. This week in his StateGOP Tax Law Sparks Confusion And Outcry In Blue States As N.Y. Threatens Lawsuithttp://wmot.org/post/gop-tax-law-sparks-confusion-and-outcry-blue-states-ny-threatens-lawsuit
94208 as http://wmot.orgFri, 05 Jan 2018 10:06:00 +0000GOP Tax Law Sparks Confusion And Outcry In Blue States As N.Y. Threatens LawsuitChris ArnoldUpdated at 12:01 ET Nov. 16 There are a lot of anxious graduate students at universities around the country right now. That's because to help pay for more than $1 trillion in tax cuts for U.S. corporations, the House Republican tax plan would raise taxes on grad students in a very big way. These students make very little money to begin with. And many would have to pay about half of their modest student stipends in taxes. "The past week this is what I've been talking about with other graduate students, with classmates. I think we're all shocked," says Tamar Oostrom. She's in her third year of getting her Ph.D. in economics at the Massachusetts Institute of Technology. She and her classmates have been crunching the numbers. "This bill would increase our tax by 300 or 400 percent. I think it's absolutely crazy," Oostrom says. In exchange for helping to teach courses or working with professors on research projects, MIT gives students such as Oostrom a modest $30,000 stipend. And as part ofGrad Students Would Be Hit By Massive Tax Hike Under House GOP Planhttp://wmot.org/post/house-gop-tax-plan-would-hit-grad-students-massive-tax-hike
91256 as http://wmot.orgTue, 14 Nov 2017 19:58:00 +0000Grad Students Would Be Hit By Massive Tax Hike Under House GOP PlanChris ArnoldCopyright 2017 NPR. To see more, visit AILSA CHANG, HOST: Senate Republicans have decided consumers should not have the right to file class-action lawsuits against banks even when they have a good case. The Senate voted last night to kill a rule that would have allowed for that. Critics say Republicans and the Trump administration are siding with Wall Street. NPR's Chris Arnold reports. CHRIS ARNOLD, BYLINE: Given a string of recent scandals with financial firms - Wells Fargo, the big Equifax hack - Democrats had argued, shouldn't Americans when they feel cheated or harmed have the right to sue these companies? Dennis Kelleher is the president of the consumer group Better Markets. He explains that at issue is what's buried in the fine print when you sign up for a credit card or just about any other product. DENNIS KELLEHER: They're usually 10 to 50 pages long of teeny-weeny print. And in the middle of it, it says you're giving up your right to sue when the bank or the financialSenate Kills Rule On Class Action Lawsuits Against Financial Firmshttp://wmot.org/post/senate-kills-rule-class-action-lawsuits-against-financial-firms
90172 as http://wmot.orgWed, 25 Oct 2017 20:37:00 +0000Senate Kills Rule On Class Action Lawsuits Against Financial FirmsChris ArnoldThis past spring, David Mifflin looked at his credit report online and saw that something wasn't right. There were inquiries from Chase Bank about an application for a credit card that someone was trying to open in his name. Mifflin, who lives in San Antonio, says he called the bank and was told the identity thieves "had my Social Security number." He set up fraud alerts with the three major credit reporting companies. But he says the fraudulent attempts to open credit cards continued "multiple times a week, multiple times a day." The Equifax security breach — the largest known theft of Social Security numbers in history — has lawmakers, prosecutors and identity theft victims like Mifflin angry with the company. The revelations have put a spotlight on the industry, raising some important and deeper questions and sparking calls for tough new rules to reshape the credit reporting landscape. Mifflin soon found himself talking to collectors about debts he didn't recognize. He kept seeingAfter Equifax Hack, Calls For Big Changes In Credit Reporting Industryhttp://wmot.org/post/after-equifax-hack-calls-big-changes-credit-reporting-industry
89800 as http://wmot.orgWed, 18 Oct 2017 20:24:00 +0000After Equifax Hack, Calls For Big Changes In Credit Reporting IndustryChris ArnoldFormer Equifax CEO Richard Smith, who stepped down just last week, faced a roomful of angry senators and some tough questions at a hearing Wednesday. It was the second of three congressional hearings he is testifying in front of this week. Republicans and Democrats alike are upset about the massive hack of Social Security numbers and other sensitive information at the consumer credit reporting company. "This simply is not a company that deserves to be trusted with Americans' personal data," said Sen. Sherrod Brown, D-Ohio, the Senate Banking Committee's ranking member. "Your actions have exposed over half the country's adults to financial harm." The latest word from the embattled company is that the hack involved more than 145 million Americans. Smith admits the breach occurred because Equifax failed to act on warnings to fix a software security problem. On top of that, senior executives sold millions of dollars in stock after the breach but before the company made it public. And theSenator To Ex-CEO: Equifax Can't Be Trusted With Americans' Personal Datahttp://wmot.org/post/senator-ex-ceo-equifax-cant-be-trusted-americans-personal-data
89038 as http://wmot.orgWed, 04 Oct 2017 21:02:00 +0000Senator To Ex-CEO: Equifax Can't Be Trusted With Americans' Personal DataChris ArnoldCopyright 2017 NPR. To see more, visit ROBERT SIEGEL, HOST: On Capitol Hill today, lawmakers laid into top executives from two scandal-plagued companies. They told Wells Fargo's CEO that he was failing and not doing enough to reform his bank. And the former head of Equifax got a similar grilling. NPR's Chris Arnold reports. CHRIS ARNOLD, BYLINE: In both the Equifax and the Wells Fargo debacles, millions of Americans got hurt while executives at the top of these companies made tens of millions of dollars. That wasn't sitting well with Senator Elizabeth Warren today as she faced Wells Fargo CEO Tim Sloan. (SOUNDBITE OF ARCHIVED RECORDING) ELIZABETH WARREN: So it looks like you had a really good thing going. Talk up Wells Fargo's ability to open new accounts. Get investors excited. And hey, if the stock goes up by a dollar, you make a cool 2 million bucks. ARNOLD: Sloan was brought in to replace the old CEO who stepped down after it was revealed that the bank had signed up millions ofWells Fargo, Equifax Officials Left To Answer Tough Questions From Lawmakershttp://wmot.org/post/wells-fargo-equifax-officials-left-answer-tough-questions-lawmakers
88982 as http://wmot.orgTue, 03 Oct 2017 22:10:00 +0000Wells Fargo, Equifax Officials Left To Answer Tough Questions From LawmakersChris ArnoldCopyright 2017 NPR. To see more, visit ROBERT SIEGEL, HOST: We have more today from the credit bureau Equifax as it tries to contain fallout from one of the worst cybersecurity breaches ever. As many as 143 million people had their data compromised. Hackers got Social Security numbers, names, addresses, even driver's license numbers. Equifax's CEO has resigned, and now the interim CEO has announced more free help for people worried that their information may be used by criminals. NPR's Chris Arnold is following this story and joins us now. And Chris, Equifax is making lots of moves this week to try to make up for the hack. Explain this latest one, the free help offer. CHRIS ARNOLD, BYLINE: Hi, Robert. Yes, there's a lot happening. So the new interim CEO, Paulino Barros, who's only been in the job a couple of days because, as you said, the old CEO has just stepped down - so Paulino Barros is now saying by January 31 there's going to be a new credit locking service, he's calling it. AndEquifax Continues To Scramble After Massive Breachhttp://wmot.org/post/equifax-continues-scramble-after-massive-breach
88720 as http://wmot.orgThu, 28 Sep 2017 20:54:00 +0000Equifax Continues To Scramble After Massive BreachChris ArnoldCopyright 2017 NPR. To see more, visit AILSA CHANG, HOST: Uber may not be able to operate in London for much longer. The top transportation authority there says it will not renew Uber's license. The ride-hailing service is appealing that decision. And in the meantime, Uber can keep operating. London's move is being applauded by taxi drivers, as you might expect, but many Uber customers are not so happy. NPR's Chris Arnold reports. CHRIS ARNOLD, BYLINE: In London today, people are being forced to envision life without Uber cars. It's a bleak vision for Yurr-Ann Chin and Svenya Tishmyer (ph). UNIDENTIFIED WOMAN: Taxis are so expensive in London, so I usually rely on Uber at the moments during the night to get home from bars or clubs because the Tube doesn't go at night. ARNOLD: Of course people could try to grab one of those stately looking black cabs. Arun Sundararajan is a business professor at NYU who was born in the U.K. ARUN SUNDARARAJAN: Of all the cities in the world, London'sLondon Officials Say Uber Is Unfit To Operate In Cityhttp://wmot.org/post/london-officials-say-uber-unfit-operate-city
88414 as http://wmot.orgFri, 22 Sep 2017 21:23:00 +0000London Officials Say Uber Is Unfit To Operate In CityChris ArnoldAmericans owe more than ever before, with household debt hitting a record of nearly $13 trillion. And auto loans, home loans and credit card debt are all still on the rise , according to the Federal Reserve Bank of New York. That has some economists saying the lessons of the bubble of borrowing in the run-up to the Great Recession have already been forgotten. The last time borrowing hit a record, the country was in the throes of the financial crisis. That might sound ominous. But the economy is in much better shape now. Home loans — by far the biggest debt category — are made to people who can actually afford them. And much of the borrowing is arguably responsible. Sasha Gallagher, who lives outside Richmond, Va., says she and her husband have had several major changes in their lives in the past year. They had a baby in February and recently bought a house. They'd spent their savings on a down payment. So they used a zero percent credit card offer to buy things they wanted for theirAmericans' Borrowing Hits Another Record. Time To Worry?http://wmot.org/post/americans-borrowing-hits-another-record-time-worry
87916 as http://wmot.orgTue, 12 Sep 2017 09:05:00 +0000Americans' Borrowing Hits Another Record. Time To Worry?Chris ArnoldThe Trump administration on Wednesday will start to renegotiate the North American Free Trade Agreement with Canada and Mexico. And despite very tough talk about NAFTA during the campaign, it appears the administration has backed away from a major assault on the decades-old trade deal. And that is a relief to businesses in all three countries. During the presidential campaign, Donald Trump clearly tapped into frustration about workers who had lost jobs in manufacturing. And he painted NAFTA as one of the central villains responsible for stealing Americans jobs. "NAFTA was the worst deal ever made in the history of the world," he said. "It was a one-way highway out of the United States." Upon taking office, President Trump followed through on his pledge to scuttle another trade deal — the Trans-Pacific Partnership. But by April, it was becoming clear that NAFTA would be different . "I was going to terminate NAFTA as of 2 or 3 days from now," Trump said, but, he said, the president ofTrump's NAFTA Makeover Not So Extremehttp://wmot.org/post/trumps-nafta-makeover-not-so-extreme
86632 as http://wmot.orgTue, 15 Aug 2017 09:01:00 +0000Trump's NAFTA Makeover Not So ExtremeChris ArnoldCopyright 2017 NPR. To see more, visit STACEY VANEK SMITH, HOST: One more word you'll hear this week - well, it's really an acronym, but it is so familiar, we're going to call it a word - NAFTA, the North American Free Trade Agreement. Later this week, the Trump administration will kick off its talks to renegotiate NAFTA with Canada and Mexico. And despite Trump's fiery rhetoric about NAFTA on the campaign trail, it appears the administration has backed away from throwing out the 23-year-old trade deal or even majorly overhauling it. We're joined now by NPR's Chris Arnold. Hi, Chris. CHRIS ARNOLD, BYLINE: Hey, Stacey. SMITH: So, Chris, let's go back to the days of the campaign. Here is what President Trump had to say about NAFTA back then. (SOUNDBITE OF SPEECH) PRESIDENT DONALD TRUMP: NAFTA was the worst deal ever made in the history of the world. It was a one-way highway out of the United States. SMITH: The worst deal in the history of the world (laughter). ARNOLD: Right. I mean,'Words You'll Hear': Trump Administration To Talk NAFTA Renegotiationhttp://wmot.org/post/words-youll-hear-trump-administration-talk-nafta-renegotiation
86565 as http://wmot.orgSun, 13 Aug 2017 21:34:00 +0000'Words You'll Hear': Trump Administration To Talk NAFTA RenegotiationChris Arnoldhttps://www.youtube.com/watch?v=fq3o0VGUh50 Every day, more than 10 Americans suffer amputations on what is by far the most dangerous woodworking tool: the table saw. Regulators in Washington, D.C., are moving closer to adopting a rule that would make new saws so much safer that they could prevent 99 percent of serious accidents. But even after more than a decade of study, and the existence of a proven technology that all sides agree works astoundingly well to prevent injuries, it's unclear whether the Consumer Product Safety Commission will finally pass a rule requiring all new saws to have an active injury prevention monitoring system built into them. We did our first story on this issue in 2004 . I saw a small ad in the back of a woodworking magazine. It read something like "SawStop, the table saw that won't cut off your fingers." That sounded like a pretty good innovation. A table saw has a big, jagged metal blade that spins at 100 mph, and a lot of people get hurt using this typeDespite Proven Technology, Attempts To Make Table Saws Safer Drag Onhttp://wmot.org/post/despite-proven-technology-attempts-make-table-saws-safer-drag
86446 as http://wmot.orgThu, 10 Aug 2017 09:31:00 +0000Despite Proven Technology, Attempts To Make Table Saws Safer Drag OnChris ArnoldWells Fargo is back in the spotlight for another scandal. This time, for signing up 490,000 auto-loan customers for insurance they didn't need. This comes less than a year after the bank generated a massive public outcry for opening millions of unwanted accounts for customers. Customers who already had car insurance say they had no idea they were being charged for this insurance from Wells Fargo. And the bank acknowledges that tens of thousands of people wound up in default, which affected people's credit scores, and thousands had their cars repossessed. One of them was Michael Feifer. One morning in February, he was heading off to his job in Maryland at a company that builds guitars. He walked to the spot where he'd parked his car, but it wasn't there. "I called the police," he says. "I was livid. I thought somebody stole my car." Somebody had improperly made off with Feifer's car. But it wasn't a car thief. It was Wells Fargo bank. The police informed him of this when he called them.Who Snatched My Car? Wells Fargo Didhttp://wmot.org/post/who-snatched-my-car-wells-fargo-did
86208 as http://wmot.orgWed, 02 Aug 2017 22:34:00 +0000Who Snatched My Car? Wells Fargo DidChris ArnoldThe CEO of Royal Dutch Shell this week said his company is making a striking shift in its thinking: It now expects oil prices to remain low forever. The global oil glut of recent years shows no sign of diminishing. Energy demand has leveled off. And if electric vehicles take off, oil prices could come under even more downward pressure. Copyright 2017 NPR. To see more, visit ROBERT SIEGEL, HOST: If you've been enjoying cheaper gas prices this summer, you might be happy to hear that the head of a major oil company says that probably will not change. NPR's Chris Arnold reports on how energy companies are adapting as car companies selling SUVs are celebrating. CHRIS ARNOLD, BYLINE: Executives at oil companies have been using this term lower longer, as in oil prices will be lower longer with this glut of cheap oil. But this week, the CEO of Royal Dutch Shell basically said, you know what? Forget that. It's not lower longer. Oil could be cheap forever. And his company is adjusting. As Oil Prices Predicted To Remain Low, Energy Firms Seek Ways To Adapthttp://wmot.org/post/oil-prices-predicted-remain-low-energy-firms-seek-ways-adapt
86003 as http://wmot.orgFri, 28 Jul 2017 21:42:00 +0000As Oil Prices Predicted To Remain Low, Energy Firms Seek Ways To AdaptChris ArnoldWells Fargo bank has struck a settlement to reimburse customers who were harmed when bank employees created unwanted accounts in their names. A federal judge has granted a preliminary approval for the settlement in the class action case. Wells Fargo says compensation will depend on the financial harm customers suffered. Someone who paid an improper $35 dollar fee likely will receive less money than someone whose credit score was damaged and had to accept a home loan with a higher interest rate. That process of determining what to pay which customers will be overseen by an independent expert hired by class action lawyers. Wells Fargo, which is an NPR financial supporter, says it may end up paying more to customers if the $142 million isn't enough. Wells Fargo CEO Tim Sloan said in a statement: "We are pleased that the court found the settlement to be fair, reasonable and adequate. This preliminary approval is a major milestone in our efforts to make things right for our customers." HeWells Fargo To Pay $142 Million To Customers Hurt By Bogus Accountshttp://wmot.org/post/wells-fargo-pay-142-million-customers-hurt-bogus-accounts
85070 as http://wmot.orgMon, 10 Jul 2017 18:53:00 +0000Wells Fargo To Pay $142 Million To Customers Hurt By Bogus AccountsChris ArnoldHome prices have finally clawed their way back to the peak of the housing bubble. That's on average nationally . The story is very different when you zoom in on different counties or cities in particular. It's also a different picture if you adjust for inflation. A new tabulation of home price data by Harvard University's Joint Center for Housing Studies lets you do just that. You can zoom in on an interactive map to see what prices are doing in various parts of the country. San Francisco, Nashville and Pittsburgh are among the 15 percent of housing markets around the country where prices have actually risen above their prior peaks in the mid-2000s after adjusting for inflation. Less fortunate are Cleveland, Phoenix and much of Florida, where prices are still at least 26 percent below where they were before the bubble burst. In terms of how the overall housing market has been doing lately, it's recovering but not yet recovered, says William Wheaton, a housing economist at MIT. "There'sHow To See If Home Prices Are Rising Or Falling Where You Live http://wmot.org/post/how-see-if-home-prices-are-rising-or-falling-where-you-live-0
84914 as http://wmot.orgFri, 07 Jul 2017 11:01:00 +0000How To See If Home Prices Are Rising Or Falling Where You Live